Square-Enix gave grim news to investors today by stating that they should expect an “extraordinary loss” this fiscal year following a revision of it’s financial results forecast.
The publisher put the loss down to “slow sales of major console game titles in North American and European markets” along with “sluggish performance of its arcade machine business”.
For the year ending March 31, 2013, Square Enix now expects to make a net loss of ¥13 billion ($138m/£91m) – ¥16.5 billion lower than the ¥3.5 billion ($37m/£24m) net income forecast on October 30 2012, and well down on the ¥6 billion ($64m/£42m) profit it posted the previous year.
One can only assume that sales of titles such as Hitman: Absolution and the latest reboot of the Tomb Raider franchise fell well below the publishers expectations.
Square-Enix also expect to incur a further loss of approximately ¥10 billion due to “major reforms and restructuring in its development policy, organizational structure, some business models, and others.”
The full PDF, titled ‘Announcement of Revisions to Consolidated Results Forecasts and Expected Extraordinary Loss’ can be found on the company’s website here.
